Cryptocurrency: Binance launches crypto card to help Ukrainian refugees
Binance cryptocurrency platform announced that it has launched a card that will be of help to the Ukrainians who were displaced due to the war. The card will allow the refugees to send and receive crypto payments as well as carry out transactions with retailers in the European Economic Area.
The company’s Binance Visa Card was launched this week, and the Ukrainian refugees can already use them after availing it. It was mentioned that aside from having access to crypto transactions, cardholders who will be verified by their local nonprofit organizations will also get financial support from Binance by sending them Binance USD or BUSD.
It was reported that users of the Binance Visa Card will receive 75 BUSD per month, and this will continue for three months. Based on the information, it was the United Nations High Commissioner for Refugees (UNHCR) that recommended the amount of donation for the Ukrainian refugees.
According to CoinTelegraph, Binance also shared that it is currently working with some groups, including Contis, a European banking-as-a-service platform, and Rotary and Palianytsia non-profit organizations to provide a way for the Ukrainians affected by the Russia-Ukraine conflict to send and receive funds plus make purchases within the EEA. Their collaboration resulted in the creation of the Binance Card.
Ukrainians must apply for the Binance Refugee Crypto Cards, and once verified, they will receive the 75 BUSD allowance. This amount is said to have an equivalent value of $75 in US dollars. The cryptocurrency will be automatically converted to local currency during payments.
"At such a difficult time for Ukraine, it's clear that cryptocurrencies are useful as they offer a fast, cheap and secure way of transferring funds to help people with their urgent financial needs," Binance Charity head, Helen Hai, said in a press release.
She added, "We want to see blockchain working for people, solving real-world problems and using it as a tool to connect those who want to help, directly with those in need of it. We will continue to develop initiatives and partnerships to help the Ukrainian people and continue to develop crypto and blockchain tools to help aid those suffering from conflicts elsewhere in the world."